Primary Natural Resources finalizes $336M asset sale
Primary Natural Resources III LLC has completed the $336 million sale of its producing and undeveloped assets in Ellis and Roger Mills counties to Peregrine Petroleum, capital provider Quantum Energy Partners announced this week. The Tulsa-based portfolio company has been focused on acquiring and developing assets in the Mid-Continent region. Primary CEO Rich Talley and his team built a core acreage position, drove down costs and optimized drilling and completion techniques, said Quantum, which first invested in Primary in 2008. The western Oklahoma acreage involved in the deal produces 2,650 barrels of oil equivalent a day. Peregrine took over operation of 35 wells, with nonoperated interests in 31 more. The Texas-based company plans to drill 18 new wells in the Anadarko Basin in 2014.
Access Midstream Partners names new board member
James J. Cleary was appointed Monday to the board of the general partner overseeing Access Midstream Partners LP. Cleary, who is a managing director of Global Infrastructure Partners, replaces Matthew C. Harris, who resigned from the 13-member board this week.
PostRock issues stock to White Deer
PostRock Energy Corp. has issued about 1.1 million shares of common stock to White Deer Energy LP and its affiliates in exchange for warrants that could have been exercised for 22.2 million shares of common stock along with fractional shares of preferred stock. The transaction reduces the number of outstanding warrants by about 55 percent. “This transaction is a step toward simplifying PostRock's balance sheet by substantially reducing the overhang of the warrants held by White Deer,” CEO Terry W. Carter said. White Deer now owns nearly 11 million shares of PostRock stock, with warrants to purchase an additional 17.7 million shares at an average price of $1.58 each.